Gunsynd PLC - Investment in Omega Oil & Gas Limited
Announcement provided byGunsynd Plc · GUN
25 October 2022
("Gunsynd" or the "Company")
Investment in Omega Oil & Gas Limited
Gunsynd Plc (AIM: GUN, AQSE: GUN) announces that it has invested AUD$90,000 (approximately
Omega commenced trading on the ASX at 12:00PM AEDT on Tuesday, 25 October 2022. Omega raised
Gunsynd subscribed for 450,000 shares at AUD
Omega holds two explorations permits ("Authority to Prospect" or "ATP") (ATP 2037 and ATP 2038) and a petroleum licence ("PL"), PL 17, in the Surat-Bowen Basin in
Omega intends to execute a two well drilling campaign across both ATP 2037 and ATP 2038, focusing on the Kianga Formation in the Permian. This drilling campaign has two goals; to validate basin centred play, specifically the feasibility of commingled multi-facies production in the Taroom Trough, and to prove commercial prospectivity of the Permian Deep Gas by the application of a fit-for-purpose low cost well design. If successful, these activities will ultimately prove the viability of future gas and liquids development. This drilling campaign, if successful, will materially de-risk the Taroom Trough as a future gas producer in the years to come.
Gunsynd holds 450,000 ordinary shares in Omega representing approximately 0.4% of Omega's issued share capital.
For the year ended 30 June 2022, Omega had turnover of AUD$27,706 and made a loss of AUD$2,005,513.
The Directors of Gunsynd accept responsibility for this announcement.
For further information please contact:
Hamish Harris/ Peter Ruse
+44 (0) 78 7958 4153
Cairn Financial Advisers LLP
James Caithie / Liam Murray
+44 (0) 20 7213 0880
Peterhouse Capital Limited
+44 (0) 20 7469 0936
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.